The Tema Oil Refinery (TOR) has denied media reports suggesting an imminent shutdown due to some debts owed the Electricity Company of Ghana (ECG) and the Ghana Water Company Limited (GWCL).
Reports suggest that TOR owes ECG and GWCL some Ghs 2.3 billion and Ghs 6 billion respectively.
Reacting to such reports in a press statement, TOR asserted that such publications create an unwarranted negative impression of the organisation and hinder the progress of their revitalisation and expansion plans and business operations at large.
Addressing its debt situation, management of TOR asserted that the refinery continues to make efforts to clear all of its debt by agreeing to a payment plan for all legacy statutory debts owed to the Ghana Revenue Authourity (GRA) and the Social Security and National Insurance Trust (SSNIT).
It further stated that payment of some $1 billion in debts have been made with the help of government and some investors with the remaining debts being some $400 million.
Meanwhile, the refinery in the same release announced that it is close to securing a strategic partner to support its operations.
It also added that, the refinery has concluded a deal with other partners to supply crude oil for processing at the refinery starting next month, June 2021.
Further noting that, the processing of crude oil at the refinery next month is subject to the completion of maintenance works currently ongoing at the refinery.